Following Manne (1966, Insider Trading and the Stock Market (New York, Free Press)) we introduce a distinction between insider trading and market manipulation on the one hand and corporate insiders versus misappropriators on the other hand. This gives rise to four types of alleged inside transactions. We argue that the literature on insider trading has often targeted inside transactions type II, III and IV but that these arguments do not necessarily hold for type I transactions. We look for consequentionalist as (...) well as non-consequentionalist arguments against type I transactions and demonstrate that these are hard to find. Throughout the article we refer extensively to the economic literature on insider trading in order to overcome a relative divide between the economic, legal, and philosophical discussion on insider trading. (shrink)

Following Manne (1966, Insider Trading and the Stock Market (New York, Free Press)) we introduce a distinction between insider trading and market manipulation on the one hand and corporate insiders versus misappropriators on the other hand. This gives rise to four types of alleged inside transactions. We argue that the literature on insider trading has often targeted inside transactions type II, III and IV but that these arguments do not necessarily hold for type I transactions. We look for consequentionalist as (...) well as non-consequentionalist arguments against type I transactions and demonstrate that these are hard to find. Throughout the article we refer extensively to the economic literature on insider trading in order to overcome a relative divide between the economic, legal, and philosophical discussion on insider trading. (shrink)

We show that it is not possible to extend the ranking of one-stage lotteries based on their weak-expectation to a reflexive and transitive relation on the collection of one- and two-stage lotteries that satisfies two basic axioms, the minimal value axiom and the reduction axiom. We propose an extension that satisfies only the first axiom. This ranking takes payoffs, their probabilities, and the tree structure into account.

:We address the question, in decision theory, of how the value of risky options should be assessed when they have no finite standard expected value, that is, where the sum of the probability-weighted payoffs is infinite or not well defined. We endorse, combine and extend the proposal of Easwaran to evaluate options on the basis of their weak expected value, and the proposal of Colyvan to rank options on the basis of their relative expected value.

We address the question of how finitely additive moral value theories (such as utilitarianism) should rank worlds when there are an infinite number of locations of value (people, times, etc.). In the finite case, finitely additive theories satisfy both Weak Pareto and a strong anonymity condition. In the infinite case, however, these two conditions are incompatible, and thus a question arises as to which of these two conditions should be rejected. In a recent contribution, Hamkins and Montero (2000) have argued (...) in favor of an anonymity-like isomorphism principle and against Weak Pareto. After casting doubt on their criticism of Weak Pareto, we show how it, in combination with certain other plausible principles, generates a plausible and fairly strong principle for the infinite case. We further show that where locations are the same in all worlds, but have no natural order, this principle turns out to be equivalent to a strengthening of a principle defended by Vallentyne and Kagan (1997), and also to a weakened version of the catching-up criterion developed by Atsumi (1965) and by von Weizsäcker (1965). Footnotes1 For valuable comments, we would like to thank Marc Fleurbaey, Bart Capéau, Joel Hamkins, Barbara Montero, Tim Mulgan, and two anonymous referees for this journal. (shrink)

In this paper, the process for firms to decide whether or not to invest in corporate social responsibility is treated from a real option perspective. We extend the Husted framework with an important extra parameter that allows us to understand the timing of CSR investment and explain why some companies drag their feet over CSR investments. Our model explicitly allows for the impact of the opportunity cost of delaying the CSR investment decision, providing firms with tools to determine the optimal (...) moment of exercising the CSR investment option. We illustrate our timing model through a case study and analyze governmental support strategies for CSR from a real options perspective. (shrink)

Who Comes After the Subject offers the most comprehensive overview to date of contemporary French thinking on the question of the "subject." Nineteen philosophers and critics offer diverse perspectives on the subject as it has manifested itself in our modern discourses: the subject of philosophy, of the State, of history, of psychoanalysis. Each contribution asks What has become of the subject? or What has the subject become? in the wake of its critiques and deconstructions .

The authors discuss «judicial» policy-making in the seventies by such various actors as police authorities, local and national government, the Bar associations, legal aid agencies, the judiciary, and prison authorities. They stress the quasi-absence of reliable statistical information, of good annual reports, and of the minimum goodwill of the authorities that would open this area for social science research. They also analyse some of the major decisions that have been made by the Belgian department of justice in the last ten (...) years. (shrink)

Les travaux du Comité public de suivi Le comité a été créé le 12 avril 2016. À cette occasion, il a annoncé le dépôt d’un rapport de suivi à l’occasion du premier anniversaire du dépôt du rapport de la Commission Charbonneau. Dans les derniers mois, le comité s’est penché sur les initiatives répondant aux recommandations de la Commission, en étudiant les informations rendues publiques sur ce sujet. Aidé d’une équipe...

This book explores the obnoxious behavior and movements of noise. However, what is noise? What is it doing to us and to our world? How can we live and move with noise? How do we produce and distribute our own noise? These questions and many more are discussed through a philosophical investigation of noise. Starting off from the statement that â ~noise is natureâ (TM), it soon becomes clear that there is more to noise than just nature. In an attempt (...) to deal with nature, we have started to order it and put it into boxes. One of these boxes is the container for living, the peculiarities of which harken back to the musings of Plato on his cave and catapult us into contemporary times where office cells mirror those of the monastery. Although any definite answers will be absent, there is still much to tell about noise, even if it remains in the realm of the obscure or the obscene. (shrink)

In this paper, the process for firms to decide whether or not to invest in corporate social responsibility is treated from a real option perspective. We extend the Husted framework with an important extra parameter that allows us to understand the timing of CSR investment and explain why some companies drag their feet over CSR investments. Our model explicitly allows for the impact of the opportunity cost of delaying the CSR investment decision, providing firms with tools to determine the optimal (...) moment of exercising the CSR investment option. We illustrate our timing model through a case study and analyze governmental support strategies for CSR from a real options perspective. (shrink)

This book, formed as a series of essays in honour of Professor Carl Baudenbacher, addresses the very art of judicial reasoning, and features contributions from many of the foremost current or former national, supranational, or international judges. This unique volume is intended first and foremost for legal scholars, but its approachable style makes it readily accessible for students and for those with a general interest in the application of the law and justice in today's multi-layered world. The collection of essays (...) is rather more philosophical and reflective as opposed to doctrinal. Each contribution focuses on the nature and operation of justice, the independence of the judiciary, and on judicial style primarily from the perspective of the judges themselves. The book provides perspectives on what it means to be accountable and independent as a judge, the role of language and languages in the quest for justice, while other contributions acquaint readers with the some of the structures of courts themselves, or indeed question for whom judgments are written. Each chapter has been written by a presiding judge, or head of an institution and the book is divided into three parts: - Part I Art and Method - Part II Justice and the Judiciary - Part III Reasoning and Language(s). (shrink)

In this text, a dialogue about the difficult task of seizing the sense of history today is presented. The point of departure is the difficulty of the times to begin and the necessity to rethink the difference between historiography and historicity, and further between events, the event and the advent. The dialogue proposes to revisit the meaning of beginning from out the experience of improvisation and to reflect upon the possibility of developing improvisation as a sense of history.

While slowness of movement is an obligatory characteristic of Parkinson’s disease (PD), there are conditions in which patients move uncharacteristically fast, attributed to deficient motor inhibition. Here we investigate deficient inhibition in an optimal sensory-motor integration framework, using a game in which subjects used a paddle to catch a virtual ball. Display of the ball was extinguished as soon as the catching movement started, segregating the task into a sensing and acting phase. We analyzed the behavior of 9 PD patients (...) (ON medication) and 10 age-matched controls (HC). The switching times (between sensing and acting phase) were compared to the predicted optimal switching time, based on the individual estimates of sensory and motor uncertainties. The comparison showed that deviation from predicted optimal switching times were similar between groups. However, PD patients showed a weaker correlation between variability in switching time and sensory-motor uncertainty, indicating a reduced propensity to generate exploratory behavior for optimizing goal-directed movements. Analysis of the movement kinematics revealed that PD patients, compared to controls, used a lower peak velocity of the paddle and intercepted the ball with greater velocity. Adjusting the trial duration to the time for the paddle to stop moving, we found that PD patients spent a smaller proportion of the trial duration for observing the ball. Altogether, the results do not show the premature movement initiation and truncated sensory processing that we predicted to ensue from deficient inhibition in PD. (shrink)

As an alternative to universalism and particularism, Intermedialities: Philosophy, Arts, Politics proposes "intermedialities" as a new model of social relations and intercultural dialogue. The concept of "intermedialities" stresses the necessity of situating debates concerning social relations in the divergent contexts of new media and avant-garde artistic practices as well as feminist, political, and philosophical analyses.

A recursive enumerator for a function h is an algorithm f which enumerates for an input x finitely many elements including h(x), f is a k(n)-enumerator if for every input x of length n, h(x) is among the first k(n) elements enumerated by f. If there is a k(n)-enumerator for h then h is called k(n)-enumerable. We also consider enumerators which are only A-recursive for some oracle A. We determine exactly how hard it is to enumerate the Kolmogorov function, which (...) assigns to each string x its Kolmogorov complexity: • For every underlying universal machine U, there is a constant a such that C is k(n)-enumerable only if k(n) ≥ n/a for almost all n. • For any given constant k, the Kolmogorov function is k-enumerable relative to an oracle A if and only if A is at least as hard as the halting problem. • There exists an r.e., Turing-incomplete set A such for every non-decreasing and unbounded recursive function k, the Kolmogorov function is k(n)-enumerable relative to A. The last result is obtained by using a relativizable construction for a nonrecursive set A relative to which the prefix-free Kolmogorov complexity differs only by a constant from the unrelativized prefix-free Kolmogorov complexity. Although every 2-enumerator for C is Turing hard for K, we show that reductions must depend on the specific choice of the 2-enumerator and there is no bound on the quantity of their queries. We show our negative results even for strong 2-enumerators as an oracle where the querying machine for any x gets directly an explicit list of all hypotheses of the enumerator for this input. The limitations are very general and we show them for any recursively bounded function g: • For every Turing reduction M and every non-recursive set B, there is a strong 2-enumerator f for g such that M does not Turing reduce B to f. • For every non-recursive set B, there is a strong 2-enumerator f for g such that B is not wtt-reducible to f. Furthermore, we deal with the resource-bounded case and give characterizations for the class ${\rm S}_{2}^{{\rm P}}$ introduced by Canetti and independently Russell and Sundaram and the classes PSPACE, EXP. • ${\rm S}_{2}^{{\rm P}}$ is the class of all sets A for which there is a polynomially bounded function g such that there is a polynomial time tt-reduction which reduces A to every strong 2-enumerator for g. • PSPACE is the class of all sets A for which there is a polynomially bounded function g such that there is a polynomial time Turing reduction which reduces A to every strong 2-enumerator for g. Interestingly, g can be taken to be the Kolmogorov function for the conditional space bounded Kolmogorov complexity. • EXP is the class of all sets A for which there is a polynomially bounded function g and a machine M which witnesses A ∈ PSPACEf for all strong 2-enumerators f for g. Finally, we show that any strong O(log n)-enumerator for the conditional space bounded Kolmogorov function must be PSPACE-hard if P = NP. (shrink)

The article takes up the question of the “truth” of images by means of a somewhat playful reflection upon our human kinship with canine life and by considering the recurrent images of dogs of all shapes and sizes within the philosophical tradition. Here there is occasion to consider both Socrates and Confucius, who had a special fondness for dogs and who were at times compared to dogs themselves. The paper begins with a reading of Kant’s schematism in the First Critique, (...) as an operation that would establish a mediating relation between the concepts of the understanding and sensible intuitions, and ends with a meditation upon the dog-themed painting, “Dark Room,” by the contemporary artist, Alan Loehle. Kant accounts for our ability to grasp that we see a dog by introducing a mysterious distortional skewing or Verzeichnung, which as a power of the imagination is able to freely sketch what appears for it within the sensible. The sense of this Kantian skewing or sketching thereby anticipates what Heidegger names the essential Verunstaltung belonging originally to the event of truth. The last half of the paper turns to Jean-Luc Nancy’s difficult but provocative work on the abysmal ground of images and attempts to show in this way how our human kinship with canine life exposes us to what Nancy would think, following Heidegger, as the elemental strife between earth and sky. (shrink)

Reading A Sociology of Modernity made me turn again towards history and encounter the path of a historical sociology. One can say that Peter Wagner´s work opens up particularly rich perspectives towards a new consideration of the complex relations between sociology and history and on the consequences that the internal movements within each discipline have had on the other. I shall approach some issues regarding these relations by looking, first, at the theme of temporality and at the distinction between the (...) past and a present (often turned towards the horizon of the future) and, second, at the theme of the events and their frequent contradistinction to structures. (shrink)

Wide-ranging essays on Jean-Luc Nancy’s thought.

I propose a dynamical analysis of interaction in anarchy, and argue that this kind of dynamical analysis is a more promising route to predicting the outcome of anarchy than the more traditional a priori analyses of anarchy in the literature. I criticize previous a priori analyses of anarchy on the grounds that these analyses assume that the individuals in anarchy share a unique set of preferences over the possible outcomes of war, peace, exploiting others and suffering exploitation. Following Hobbes' classic (...) analysis of anarchy, I maintain that typically in anarchy some moderate individuals will most desire mutual cooperation while other dominators will most desire to exploit others' cooperation. I argue that once one allows for different types of individuals in anarchy, any a priori analysis of anarchy requires unrealistic assumptions regarding the agents' common knowledge of their situation. However, this move also suggests a dynamical analysis of anarchy, one that assumes no common knowledge. In the Variable Anticipation threshold model developed here, individuals modify their behavior as they learn from repeated interactions. I present specific instances of this model where the individuals in anarchy converge to different equilibria corresponding to either peace or war, depending on the initial conditions. I show that individuals are liable to converge to Hobbes' war of all against all even if only a small percentage of are dominators. The presence of only a few “nasty” individuals gradually drives all, including those inclined to be “nicer”, to imitate the “nasty” conduct of these few. This dynamic analysis suggests that the Hobbesian war in anarchy is indeed inevitable in most realistic circumstances. You have the same propension, that I have, in favor of what is contiguous above what is remote. You are, therefore, naturally carry'd to commit acts of injustice as well as I. Your example both pushes me forward in this way by imitation, and also affords me a new reason for any breach of equity, by showing me, that I shou'd be the cully of my integrity, if I alone shou'd impose on myself a severe restraint amidst the licentiousness of others. (David Hume, A Treatise of Human Nature) (Published Online July 11 2006) Footnotes1 Thanks to Luc Bovens, Sharon Lloyd, Brian Skyrms, Susanne Sreedhar and an anonymous referee for many helpful comments of early versions of this essay. (shrink)

This article presents the moral and political sociology developed by the research group around Luc Boltanski and Laurent Thévenot from its gradual dissociation from the tradition of critical sociology during the 1980s to the present. Taking the major presentation of this approach, De la justification, as the point of departure, the key items of criticism to which this book was exposed are discussed, both in terms of their intellectual merit and in light of the ongoing debates in French social and (...) political theory. The work of this group was often rather erroneously taken to have provided both a new theory of society and a new normative political philosophy. What it aimed at achieving in the first place, in contrast, was a questioning of the assumptions on which reasonings in social theory and political philosophy are based and how those reasonings relate to social actors' own engagement with the world. Not least in response to the criticism received, however, the approach has been further elaborated in recent years, and it works now towards a new representation of the contemporary state of social relations and towards a comprehensive analysis of the practical political philosophies employed in political disputes. (shrink)

This paper concerns voting with logical consequences, which means that anybody voting for an alternative x should vote for the logical consequences of x as well. Similarly, the social choice set is also supposed to be closed under logical consequences. The central result of the paper is that, given a set of fairly natural conditions, the only social choice functions that satisfy social logical closure are oligarchic (where a subset of the voters are decisive for the social choice). The set (...) of conditions needed for the proof include a version of Independence of Irrelevant Alternatives that also plays a central role in Arrow's impossibility theorem. (Published Online July 11 2006) Footnotes1 Much of this article was written while the author was a fellow at the Swedish Collegium for Advanced Study in the Social Sciences (SCASSS) in Uppsala. I want to thank the Collegium for providing me with excellent working conditions. Wlodek Rabinowicz and other fellows gave me valuable comments at a seminar at SCASSS when an early version of the paper was presented. I also want to thank Luc Bovens, Franz Dietrich, Christian List and an anonymous referee for their excellent comments on a later version. The final version was prepared during a stay at Oxford University for which I am grateful to the British Academy. (shrink)

This essay examines how Michel Henry's and Jean‐Luc Marion's continuation of phenomenology's turn to the invisible relates to painting, aesthetics, and theology. First, it discusses Henry and Marion's redefinition of phenomenality. Second, it explores Henry's “Kandinskian” description of abstract painting as expressing “Life.” Third, it explicates Marion's “Rothkoian” rehabilitation of the idol and renewed zeal for the icon—both phenomena exemplify “givenness.” Fourth, it unpacks my thesis: Henry's phenomenology, theologically applied, exercises an inadequate Kantian apophasis, characterized by a sublime sacrifice of (...) the imagination; although Marion's work sometimes evidences a similar tendency, its prevailing momentum offers theology a fully catholic scope. (shrink)

In 1991 Mark Nelson argued that if time is infinitely long towards the future, then under certain easily met conditions traditional utilitarianism is unable to discriminate among actions. For under these conditions, each action produces the same infinite amount of utility, and thus it seems that utilitarianism must judge all actions permissible, judge all actions impermissible, or remain completely silent. In response to this criticism of utilitarianism, I argued that utilitarianism had the resources for dealing with at least some cases (...) of infinite utility. More specifically, I defended the following principle as being part of the "spirit" of traditional (total) utilitarianism: -/- PMU*: An action a1 has better consequences than an action a2 if and only if there is a time t such that for any later time t' the cumulative amount of utility produced by a1 up to t' is greater than that produced by action a2 up to t'. -/- For the usual finite cases, this principle agrees exactly with the standard approach of comparing totals. For infinite cases, however, it can distinguish among two actions each of which produces an infinite amount of utility. It says, for example, that an action that produces 2 units of utility at each time has better consequences than an action that produces 1 unit of utility at each time -- even though they both produce the same infinite amount of utility. Of course, cases where one action produces more utility than a second at each time are going to be rather rare. PMU* is not limited to such cases, however; it also has bite in cases such as the following: -/- Time a1: 1, 1, 1, 1, 2, 2, 2, 2, 2, ... a2: 3, 3, 3, 3, 1, 1, 1, 1, 1, ... -/- For although the cumulative utility of a1 up to and including the fourth time is only 4 utiles and a2's is 12, a1 starts catching up after that, ties a2 in the 12th time, and stays ahead after that. Thus, PMU* judges a1 as having better consequences than a2. I claimed that PMU* better captured the "spirit" of traditional utilitarianism than the usual sum total view -- on the grounds that almost anyone inclined to defend traditional utilitarianism would, upon reflection, want to hold, for example, that 2 utiles at every time is indeed better than 1 utile at each time. Two responses to my view have since been given in this journal. Luc Van Liederkerke has argued that PMU* violates an anonymity (neutrality, impartiality) condition that is central to utilitarianism. And James Cain has argued that PMU* is not person-centered, and that being so is central to utilitarianism. Here I will reply to the criticisms. Basically, I will acknowledge that each is right about an important point, but deny that this establishes that the core idea underlying PMU* is less plausible than the standard sum-ranking versions of utilitarianism. (shrink)

Jean Luc-Marion’s assertion that Heidegger has not sufficiently addressed the notion of gratitude and the Call is incorrect. Based on Heidegger’s discussion in What is Called Thinking? of thankfulness and its relation to thinking, I argue that Heidegger indeed articulates a place for gratitude as the proper situation, the proper attitude of phenomenology. While I make an apology for Heidegger, I also note, however, that Husserl’s own discussions require more authentic reappraisal within the context of Heidegger’s work, thereby reinforcing the (...) notion that gratitude has something to say in terms of the way phenomenology getsbuilt up over time, both in form and content. (shrink)

Introduction Over a hundred years separate the date of the birth of François VI, duc de La Rochefoucauld, from that of Luc de Clapiers, ...

This article explores how Jean-Luc Nancy attempts to gain critical traction on Christianity by proscribing thinking of completion. First, it describes Nancy's deconstruction of Christianity as stemming from his aesthetic redirection of Heidegger's thinking of finitude. Second, it further details Nancy's noetic declension of Heidegger via Kant and Lyotard, where the imagination and aesthetic communication are deemed impossible. Third, it examines Nancy's treatment of paintings of the Virgin Mary who, for Nancy, exemplifies his brand of incompletion. Nancy's work on Mary (...) reveals both the oversights and the insights of his deconstruction of Christianity, which Catholic theology should seriously engage. (shrink)

Angesichts von Zweifel und Verzweiflung, von Furcht und Angst - jeweils verstanden als existentielle Grundbefindlichkeiten des Menschen - werden Haltungen gelingenden Lebens gesucht. Die Ethik bietet Tugenden als Wege zu einer gelingenden Lebensfuhrung an. Die Beitrager dieses Buches suchen nach Entwurfen, die die Verbindung des Tugendgedankens mit dem naturlichen Glucksverlangen des Menschen zu ermoglichen helfen und erortern, welche Bedeutung dabei Mut, Gelassenheit und Weisheit zukommt. Dabei werden ideengeschichtliche Entwurfe in heutigen Problemkontexten auf ihre Gultigkeit hin gepruft. Mit Beitragen von Martin (...) Ebner, Markus Enders, Friedrich-Wilhelm von Herrmann, Stephan Herzberg, Hubert Irsigler, Margit Kopper, Matthias Kossler, Jean-Luc Marion, Peter Reifenberg, Ralf Rothenbusch, Gerd Theissen, Klaus Viertbauer und Gunther Wenz. (shrink)

Ende Oktober 2014 organisierte das Martin-Heidegger-Institut in Wuppertal die erste internationale Tagung uber Heideggers "Schwarze Hefte" in Deutschland. Im Fruhjahr desselben Jahres hatte die Veroffentlichung der "Uberlegungen," der ersten Reihe der "Schwarzen Hefte," gezeigt, dass Heidegger zwischen 1938 und 1941 in seinen Aufzeichnungen antisemitische Gedanken auftreten lasst. Es war und ist die Frage, welche Motive den Philosophen dabei leiteten. Wie sind jene Ausserungen zu verstehen? Wie weit betreffen sie Heideggers Denken uberhaupt? Der Band versammelt die Resultate dieser Tagung. Er enthalt (...) Aufsatze von Jean-Luc Nancy, Donatella Di Cesare, Francoise Dastur, Danielle Cohen-Levinas u.a. (shrink)

This essay considers the work of Jean-Luc Nancy on touch as a model for a conception of the musical body. More than a re-emphasizing of the tactile, though, it is possible to show that Nancy’s work enables an understanding of music as touch. The significance of this re-thinking lies in the counterweight it provides to the degradation of music entailed in its digitalized de-materialization. Hegel is seen to be complicit in this degradation.